Capital B Raises €21 Million to Buy More Bitcoin as Rivals Retreat

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Capital B, the Paris-listed bitcoin treasury company formerly known as The Blockchain Group, is raising €21 million through a private placement priced at €0.58 a share, roughly 5% above Thursday’s closing price, the company said in a statement Friday. Existing shareholders Adam Back, the Blockstream co-founder, and TOBAM, a Paris asset manager, are both increasing their positions rather than entering fresh.

The placement issues 36,219,070 new shares, each bundled with four warrants exercisable over five years at €0.75, €0.98 and €1.27. Maxim Group is running the sale on a best-efforts basis, with no bank guaranteeing the deal. Capital B says the roughly €19.9 million in net proceeds will go toward buying bitcoin as a long-term reserve asset, strengthening its Capital B $17.8 million raise and Bitcoin accumulation strategy. The company also confirmed a previously announced 10-for-1 reverse stock split takes effect September 8, which will adjust the new warrants to cover one-tenth of a share each.

Capital B BTC holdings currently stand at 3,145 bitcoin, worth about $250 million at today’s price, against a cost basis near $329 million, meaning its treasury sits underwater on paper even before counting the new shares issued to buy more. It plans to acquire up to 270 additional coins with the fresh capital, which would bring total holdings to 3,415 BTC.

A sector that lost $80 billion in 13 months

The timing puts Capital B’s raise squarely inside an industry retreat. Capital B’s €2.8 million raise through convertible bond conversions was another recent financing move as the company continues to build its bitcoin treasury. A report published Thursday found bitcoin treasury companies have shed $80 billion in combined market value since July 2025, with 43 of the 50 largest now trading below the price they first announced buying bitcoin. Strategy, the largest holder, accounted for roughly $79 billion of that decline on its own.

Capital B’s own shares trade at 0.59 to 0.61 times the value of its bitcoin holdings on a basic basis, according to Bitcoin Treasuries data, meaning new stock issuance at that level would normally dilute existing holders rather than add value, the mechanic several analysts have blamed for the broader slump.

The stock went up anyway

Yet Capital B priced this round above, not below, its own trading price, and shares climbed to €0.62 on Friday, up more than 12% intraday. That runs against the pattern in the wider sector, where deteriorating mNAV has been forcing treasury companies to sell shares at discounts just to keep buying. None of the four warrants attached to this raise is worth exercising today: the cheapest tier needs the stock to climb 21% from Friday’s price, and the top tier needs it to more than double within five years.

That structure means the bulk of the deal, up to €135.8 million if every warrant is eventually exercised, only becomes real money if Capital B’s stock keeps outperforming a sector where most peers are shrinking. The €21 million closing Monday is confirmed either way. What happens after depends on whether Friday’s rally was a one-day reaction to fresh institutional buy-in or the start of Capital B pulling away from a business model the rest of the industry is now backing away from.